In the News

Dollar weakens after gloomy Powell comments on US economy

(CNBC) The dollar fell on Wednesday after Federal Reserve Chairman Jerome Powell struck a downbeat tone in congressional testimony, saying trade uncertainties and concerns about the global outlook continued to exert pressure on the U.S. economy.

“There is now economic evidence that the outlook for the U.S. economy is not that great,” said Juan Perez, senior currency trader at Tempus Inc in Washington. “Ultimately what that means is that the Federal Reserve will need to intervene. … And the dollar will get hurt as a result.”

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